Form 27EQ is a quarterly statement for filing TCS (Tax Collected at Source) returns, due by the 15th of the month following each quarter's end (or May 15 for the final quarter). File online by downloading the Return Preparation Utility (RPU) and File Validation Utility (FVU) from the Protean (formerly NSDL) website, creating an FVU file with TCS details, and uploading it to the Income Tax e-filing portal.
ExpressTDS || Process to Prepare and File 27EQ TDS Return
Form 27Q is a TDS return and it is to be filled by the deductor if any payment is made to Non-resident. Whereas Form 27EQ is a TCS return and it is to be filled only if any tax is collected by the seller from the buyer on specific goods.
ITR Filing Charges:
Salaried ITR Filing: ₹1,000/- Capital Gain / Share Gain-Loss ITR: ₹1,500/- Business ITR – 44AD Return: ₹2,000/- All other ITR Filing: ₹3,000/-
Know how to file TDS or TCS returns online in three simple steps:
Yes. TCS needs to be collected on value of sale consideration, which usually includes GST. If the person fails to file the TCS return on or before the due date prescribed in the income tax law, a late filing fee of Rs. 200 per day must be paid, during which the failure continues.
Activation of the Tax Compliance Verification system is a once-off process. Once you have logged in, setup your user groups in order to perform TCS verifications • Click on “Tax Status” • Select “Tax Compliance Status Verification” • Complete the activation process.
MyITReturn
The portal offers free e-filing facility to salaried employees with income less than Rs. 2.50 lakh. Taxpayers with higher income have paid plans for them, starting from Rs. 199 plus taxes.
With the Indian government going digital, income tax return (ITR) filing is now easier than ever. Tax2win's AI-powered DIY ITR filing platform is designed to make the process quick and hassle-free. With our self filing facility, you can file your ITR seamlessly, even without a CA.
Penalties for Late Filing of Form 27EQ
Late Filing Fee: A penalty of ₹200 per day is levied until the return is successfully filed. Penalty under Section 271H: If Form 27EQ is filed incorrectly or after the due date, the penalty can range from ₹10,000 to ₹1,00,000.
The collector is required to file Form 27EQ quarterly, detailing the collectee whose TCS has been gathered. The due date for filing Form 27EQ is the 15th of the month following each quarter's end, except for the last quarter (January to March), for which the due date is May 15th.
Understanding TDS Refund on Salary
A TDS refund is applicable when the tax deducted at source (TDS) by your employer exceeds your actual tax liability for the financial year. For example, if your total tax payable is ₹20,000 but your employer deducts ₹25,000, you are eligible for a TDS refund of ₹5,000.
On Income Tax Return Page:
Fill in the details and submit the form online. After the form is submitted online successfully, an acknowledgement bearing unique acknowledgement / coupon number is displayed. This acknowledgement need to be saved and printed for further process.
Chemicals used in mining, construction disturbing minerals in the soil, petroleum-based chemicals from urban runoff, and pesticides from agricultural runoff can all add more TDS to water. Even water treatment facilities often add more with the introduction of chlorine and fluoride.
Our CA-assisted plans for salary and house rent income start from Rs 1299. If you have capital gains income, the plan starts from Rs 3999. We also have CA-assisted plans for self-employed and professionals starting from 3999. Crypto traders can also use our expert-assisted plans, starting from Rs 2999.
The pre-filling and filing of ITR-1 service is available to registered users on the e-Filing portal. This service enables individual taxpayers to file ITR-1 either online through the e-Filing portal or by accessing the offline excel and html utility.
Just because you reside in the U.S. does not mean you have to go back to India to file your Indian income tax return. Today, there exists a process of electronically filing your returns, allowing you to do your job without having to physically go to India.
Buyers can claim a TCS refund while filing their ITR. They need to keep a record of Form 27D, a certificate provided by the seller. The steps involved in the process of claiming TCS refunds are as follows: Step 1: Before filing your ITR, gather all the certificates issued by the entities where your TCS is deducted.
Select the Financial Year & Return Filing Period (Month) for which you want to file the TDS and TCS Credit Received from the drop-down list. Click the SEARCH button. 3. In the TDS and TCS credit received tile, click the PREPARE ONLINE button if you want to prepare the statement by making entries on the GST Portal.